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Recently, the Dutch development bank FMO has provided a long-term loan of $26 million to Argentine energy company Genneia to develop two wind farms
in Villalonga and Chubut Norte in the provinces of Buenos Aires and Chubute.
FMO's overall financial support to Argentina to increase its share of renewable energy supply from 2025 to 20%, which is currently only 2%, has now reached $90 million
.
The wind farm is funded by the Argentine government's RenovAr program, which was launched in 2015 to attract foreign investors into the energy sector
.
Two earlier loans from FMO to wind and solar projects in Argentina also fall under the RenovAr project
.
In total, the Argentine energy projects financed by FMO have a capacity of more than 200 megawatts, or enough electricity to supply about 300,000 people
.
President Macri is seeking to phase out energy subsidies
by encouraging growth in domestic and sustainable electricity production and reducing the country's dependence on energy imports.
"FMO and other development finance institutions are strongly supporting Argentina's ambitions to move towards a more sustainable domestic energy supply base and reduce its dependence on
hydrocarbon imports," said FMO Energy Director.
This is the bank's third investment in the renewable energy generation sector in the country and the first for
an Argentine company to implement these projects.
”
Together, the two new wind farms will be able to generate more than 78 megawatts of electricity, or enough power to supply 110,000 people
.
The FMO loan, along with that of the Latin American development bank CAF, is used to pay the unsecured portion
of Genneia's debt totaling $131 million.
Most of the financing was provided by the Bank of Japan SMBC and underwritten
by the Danish export credit agency EKF.
:/, please indicate the source for reprinting)
Recently, the Dutch development bank FMO has provided a long-term loan of $26 million to Argentine energy company Genneia to develop two wind farms
in Villalonga and Chubut Norte in the provinces of Buenos Aires and Chubute.
FMO's overall financial support to Argentina to increase its share of renewable energy supply from 2025 to 20%, which is currently only 2%, has now reached $90 million
.
The wind farm is funded by the Argentine government's RenovAr program, which was launched in 2015 to attract foreign investors into the energy sector
.
Two earlier loans from FMO to wind and solar projects in Argentina also fall under the RenovAr project
.
In total, the Argentine energy projects financed by FMO have a capacity of more than 200 megawatts, or enough electricity to supply about 300,000 people
.
President Macri is seeking to phase out energy subsidies
by encouraging growth in domestic and sustainable electricity production and reducing the country's dependence on energy imports.
"FMO and other development finance institutions are strongly supporting Argentina's ambitions to move towards a more sustainable domestic energy supply base and reduce its dependence on
hydrocarbon imports," said FMO Energy Director.
This is the bank's third investment in the renewable energy generation sector in the country and the first for
an Argentine company to implement these projects.
”
Together, the two new wind farms will be able to generate more than 78 megawatts of electricity, or enough power to supply 110,000 people
.
The FMO loan, along with that of the Latin American development bank CAF, is used to pay the unsecured portion
of Genneia's debt totaling $131 million.
Most of the financing was provided by the Bank of Japan SMBC and underwritten
by the Danish export credit agency EKF.
:/, please indicate the source for reprinting)
/
